UK's Crown Currency Exchange collapses

UK's foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term delivery broker Crown Currency Exchange (what is it with failed brokers and the name Crown??) has recently collapsed leaving more than 13,000 without their funds. Total lost sum may be as high as 20 million pounds. There are dozens of such internet services available with Travelex and Oz Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term being the largest.

The business, based in Hayle in Cornwall, was established by husband and wife Peter and Susan Benstead five years ago. CCE allowed individuals and business customers to pre-order foreign exchange at a set price up to a year in advance, with amounts of between £300 and £10,000 available.

But its bank accounts were frozen by Barclays at the weekend, barring it from withdrawing or transmitting any money to customers. And administrators from MCR and SPW were appointed on Monday.

They said the business had processed hundreds of millions of pounds worth of foreign currency in the last five years, providing travel money in 80 different currencies, as well as travellers' cheques and money transfers. "Like many operators in the travel sector, it has experienced a difficult trading environment during the course of the past 12 months which has been exacerbated by a further downturn and general tightening of the travel market," said administrator Paul Clark, of MCR.

Read more about this here and here. Visit CCE's website for the administrator's notice and contact details.